Panda Green Energy Group Limited announced that, with effect from 27 June 2019 Mr. Li, Alan has resigned as chairman of the Board, an executive director and chief executive officer of the Company. Mr. Li Hong has resigned as an executive director and chief financial officer of the Company. Mr. Li Guangqiang has resigned as an executive director of the Company, but will remain as the chief operating officer of the Company and director of certain subsidiaries of the Company.

Mr. Tang Wenyong has resigned as a non-executive director of the Company. Mr. Lu Zhenwei has been re-designated from a co-chairman of the Board to the chairman of the Board. Mr. Yu Qiuming has been re-designated from an executive director of the Company to a nonexecutive director of the Company.

Ms. Zhong Hui has been appointed as an executive director of the Company and redesignated from the co-chief executive officer of the Company to the chief executive officer of the Company. Mr. Chen Qinglong has been appointed as an executive director of the Company. Mr. Xu Jianjun has been appointed as an executive director of the Company.

Mr. Wang Heng has been appointed as a non-executive director of the Company. And. Mr. Wang Yang has been appointed as the chief financial officer of the Company.

Change in Composition of Board Committees Following the resignation of Mr. Li, Alan, he has ceased to be a member of the risk control committee and the strategy committee of the Board, with effect from 27 June 2019. Ms. Zhong Hui, an executive director of the Company, has been appointed as a member of each of the risk control committee and the strategy committee of the Board, with effect from 27 June 2019. Following the resignation of Mr. Li Hong, he has ceased to be a member of the risk control committee of the Board, with effect from 27 June 2019.

Mr. Chen Qinglong, an executive director of the Company, has been appointed as a member of the risk control committee of the Board, with effect from 27 June 2019. Following the resignation of Mr. Tang Wenyong, he has ceased to be a member of each of the audit committee, the remuneration committee and the risk control committee of the Board, with effect from 27 June 2019. Mr. Wang Heng, a non-executive director of the Company, has been appointed as a member of each of the audit committee, the remuneration committee and the risk control committee of the Board, with effect from 27 June 2019.